LOS ANGELES — Hemp Technology Inc., a vertically integrated hemp industry holding company, on Sept. 11 completed its acquisition of True Leaf Pet Inc. and all its assets. The two companies first entered into the purchase agreement on Aug. 11.
True Leaf is a brand of hemp- and CBD-infused pet products and a subsidiary of True Leaf Medicine International Ltd. The pet wellness brand was launched in the Canadian market in 2013 and has since introduced more than 40 products to market.
Hemp Technology intends to take True Leaf global, beginning with North American and European markets by offering products through e-commerce, distributors, wholesale channels and in traditional retail stores.
"We will operate using the True Leaf Pet brand world-wide, under our wholly owned subsidiary of Hemp Tech, Pet Health Technology Inc.," said Chad Costa, president of Hemp Technology.
The company shared this acquisition “opens the door” to more than 3,500 stores and a potential distribution network of 20,000 stores for the True Leaf brand, based on its current distribution network.
Hemp Technology is in the business of launching successful startups in emerging markets, and will continue to seek opportunities for growth, including strategic development through acquisitions, in the hemp and ancillary product industries. Its current focus is in the Canadian, United States and European markets.
"We are very pleased to advise that we have closed the acquisition of our bulk asset purchase of True Leaf Pet and we are eager to execute on the opportunities that presents" said Michael Shenher, chairman and chief executive officer of Hemp Technology.
Hemp Technology will leverage its business and product development, revenue generation, branding, supply chain and distribution experience to expand the True Leaf Pet brand.
The company acquired Pettanicals Pet Treats Inc., a Canadian pet supplement brand, in September 2019, with plans to further develop its CBD-infused pet product line.
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